Business, 12.04.2021 23:30 cherri319

Renth Corporation entered into the following transactions: 1. On January 1, 2020 Lee Car Rental leased a car to Renth Corporation for one year. Terms of the operating lease call for monthly payments of $650. 2. On January 1, 2020, Renth Corporation entered into an agreement to lease 20 machines from Sweis Corporation. The terms of the lease agreement require an initial payment of $500,000 and then three annual rental payments of $600,000 beginning on December 31, 2020. The present value of the three rental payments is $1,492,108. The lease is a capital lease. Prepare the appropriate journal entries to be made by Renth Corporation in January related to the lease transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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Renth Corporation entered into the following transactions: 1. On January 1, 2020 Lee Car Rental leas...

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